What is an entrepreneur?

The last few weeks I have been extremely hectic. I’m sure it’s been the same for everyone else as well. One of the biggest reasons why I have been busier than usual is because I was helping launch a friends new business. He recently decided that the corporate world is not for him and we wants to be his own boss and be an entrepreneur. This is one of the best decisions of his life since he hated his job. He is an extremely passionate and motivated individual and I have a feeling that this will go over well.

What is an Entrepreneur, and How Do You Become One?

An entrepreneur can best be defined as someone who takes on a new business venture while assuming all the risks. There are many successful entrepreneurs in the world today, but for every one that succeeds 10 fail. If you are considering becoming an entrepreneur let’s look at some of the ways to help you succeed.

Invest in Yourself

A successful entrepreneur takes the time to invest in himself prior to investing in a business venture. By researching and preparing properly, the successful business person has a leg up over the competition.

Set Yourself Up for Success

Entrepreneurs often work from home in the beginning rather than shelling out for office space, to save money while their new business is taking off. By taking the time and energy to properly outfit the space used for a home office, they will be one step closer to efficiency and order.

Put Your Best Foot Forward

If you look like a success, people will believe you are one. It is particularly important in the early stages to look the part. Well dressed, well groomed individuals give off an air of success and those you are trying to woo as your clients or customers will view you as someone they want to do business with.

Plan Carefully

One of the best ways to succeed as an entrepreneur is to lay out your business plan in detail before you start. Plan for every possibility so you won’t be caught off guard and have it all down on paper so you can periodically review and be sure you are still on track.

Get Serious

A successful entrepreneur has clear goals and is serious about making their business work. Because you are the driving force it is your responsibility to stay behind the wheel. In the beginning there may be no such thing as 9 to 5, and the more commitment behind the idea, the better chance it will have of succeeding.

Choose Something You Love To Do

There is an old saying “Do what you love, and love what you do.”, and no truer words have been spoken. This in itself is a recipe for success, for if you love what you do, you are more likely to see it through. Take a good look at your strengths, weaknesses, and what makes you happy before choosing your business venture.

Take Good Care of Your Money

It may be tempting once the money starts rolling in to begin spending, but you will be better off in the long run to put the money back in to the business until it is running on its own steam. Overhead, staffing, and inventory needs will all need to be met, so look after the accounting responsibly, or hire someone that can do it for you. Have a budget. This will save your business.

Promote Yourself

Don’t be shy. Shout from the rooftops that you are setting out on your own and let others know why they want to do business with you. No one else is going to do it for you, and success doesn’t just happen on its own. Entrepreneurs need to be their own best voice.

Know Your Customer Base

There is no point in trying to sell water to a fish. Know your market in order to make sales and win clients. Find out what they are looking for in a product or service and give it to them. Research your potential clientele and find out who the key players are that you will be dealing with. Having some background knowledge will help you get a foot in the door, and may help you close the deal.

Keep An Eye On Things

Continually review and follow up with your customer base. See what’s working and what’s not and adjust your strategy as necessary. Let your customers know that you want them to be happy and will do what it takes to keep their business. If you have a team working with you, keep tabs on them as well with weekly meetings to be sure you are all on the same page.

Use Technology to Your Advantage

Social media and a fabulous company website can put you in the running with the big boys. No one needs to know you are running your start up out of your home, or a tiny office. Your website can be anything you want it to be, and puts you on a level playing field with the competition. Social media is an easy, free way to get your name out and that’s what it’s all about. Learn the ins and outs of Facebook, Twitter, and YouTube to promote your business.

When discussing what an entrepreneur is, we only need to look at anyone who is determined to succeed by starting a new business and taking some risks. Entrepreneurship isn’t for everyone, but for those who possess the right traits and are willing to work hard, it can be the key to success.

Comments

Great stuff, I just went to a small business networking event yesterday and it pushed me to want to do more. I believe blogging has been a good start to prove I can manage something independently, but a business needs not just a great leader, but a viable product/service and the resources to fulfill the demand. I think being an self-start and being prepared to not give up (keep going till you figure it out) is key!

I think that a lot of this advice has to do with just living life, too. I want to be doing things that I enjoy, because I will be more motivated, inspired, and propelled to succeed. So life, blogging, everything… it depends on the passion that we’ve got, and we’re all entrepreneurs to some extent or another. Thanks for the post!

One of the best one-liners that I have seen for describing an entrepreneur is from one of the pioneers of the private equity business, Henry Kravis. He said, ” “A real entrepreneur is somebody who has no safety net underneath him or her.”….

I like the idea of a business that has limited liability. That requires little money to start. A business that is not subject to many government regulations. Does not require many special permits or licenses to operate. A business that can be quickly and easily shut down if needed. And a business that has limted contractual liability after its shut down. Requires not a very great deal of knowledge or experience to start or operate.

Cool thoughts, Marissa! I think we are all entrepreneurs in many aspects of our lives, but to be an entrepreneur doesn’t also mean that you have to be a genius, which is what some people think. A lot of it just comes down to hard work, persistence, and at least a bit of passion.

I myself an entrepreneur, at least trying to be one. I have started my online business like internet marketing and affiliate marketing. It’s always tough to start but as we go on things get easier, I hope my too gets easier soon.